Tyler Perry, the Hollywood actor, producer, writer, and director has finalized a deal to acquire BET Media Group, including VH1, from Paramount Global for an undisclosed amount.
The news of Tyler negotiating with Paramount to acquire a majority stake in BET Media Group broke out in March, 2023.
The deal is a relief for Paramount Global, which, according to a source, is “haemorrhaging money” to the extent of more than $400 million.
Forbes recently estimated Perry’s net worth to be $1 billion for reference purposes.
This new agreement, worth an undisclosed amount, will give Perry, a veteran champion of content targeted at African Americans, control over BET Media Group, which also owns VH1.
The cable channel’s streaming service is a joint venture between Paramount Streaming and Tyler Perry Studios.
The launch of the service in 2019 marked the beginning of a four-year partnership between Paramount and Perry.
Bob Bakish, the CEO of Paramount Global, previously considered selling a majority stake in the company.
Why is Tyler Perry buying BET
Perry has a strong relationship with BET CEO Scott Mills as well as Paramount Global CEO Bob Bakish, and he supplies a large portion of the scripted content on BET and BET+.
According to him, he is very interested in the station that has aired several of his shows and wants to take over the majority stake.
In a recent interview with Entertainment Tonight at Tyler Perry Studios, he debunked rumours that he didn’t want any part of BET.
“Rumor? No, it’s not a rumor,” Perry said. “I’ve been there for four years now and had tremendous success. I wasn’t expecting this to happen, so, yes … If it’s possible, I’m gonna take as much of it as I can.”
The actor, producer, and writer stated his motivation for wanting to buy the station: restoring black control of the channel.
“I think there was sadness when Bob sold it, and I think there’ll be happiness when it’s Black-owned again. Even though Shari (Redstone) and what is it? Viacom and Paramount? They’ve done a phenomenal job with it.
“They didn’t let it fall by the wayside; they didn’t let it go into dust. They nurtured it and took care of it, and to see Shari at this position saying, I think it should be returned to a Black owner?’ I figured, ‘OK, see, that’s my kind of person.”
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